The Survey of Consumer Finances (SCF) indicates that, unlike subprime borrowers, prime borrowers are more likely to own investment homes during recessions than during recoveries. Drawing on this empirical fact, we present and estimate a dynamic stochastic general equilibrium (DSGE) model that distinguishes between borrowers through their credit access. We find that the relative ease of credit access among borrowers explains the divergence in investment homeownership seen in the data. This divergence is amplified when subprime borrowers are subject to lax credit conditions prior to a financial shock or when the nominal interest rate is constrained at the zero lower bound (ZLB). An expansionary monetary policy helps bridge this gap across borrowers.

消费者金融调查 (SCF) 表明，与次贷借款人不同，主要借款人在经济衰退期间比复苏期间更有可能拥有投资房屋。基于这一经验事实，我们提出并估计了一个动态随机一般均衡 (DSGE) 模型，该模型通过借款人的信贷访问来区分借款人。我们发现，借款人获得信贷的相对容易程度解释了数据中投资房屋所有权的差异。当次贷借款人在金融冲击之前受到宽松的信贷条件或名义利率被限制在零下限 (ZLB) 时，这种差异会被放大。扩张性货币政策有助于弥合借款人之间的这种差距。